Saudi Arabia’s trade balance in the second quarter of 2024 showed a surplus of SR98.36 billion, the highest level recorded that year. This represents a quarterly growth of 13.2 percent compared to the first quarter, with an increase of SR11.495 billion. The General Authority for Statistics (GASTAT) released preliminary international trade data showing that Saudi Arabia’s international trade surpassed SR490.657 billion, with merchandise exports totaling SR294.51 billion, comprising 60 percent of the overall trade. Merchandise imports amounted to SR196.144 billion, with non-oil domestic exports reaching SR51.400 billion, accounting for 17.5 percent of the total exports.
The report highlighted that the Asian group of countries, excluding Arab and Islamic countries, accounted for 50.1 percent of the Kingdom’s total goods exports, with a value of SR147.622 billion. The European Union group of countries was second, representing 15.6 percent of total goods exports. The Gulf Cooperation Council (GCC) group of countries came in third, with a value of SR39.198 billion. In terms of exports by country, China was the largest importer, accounting for 16.2 percent of the Kingdom’s total goods exports, followed by South Korea and Japan.
Non-oil exports, including re-exports, passed through 34 customs outlets and sea, land, and air ports, with a preliminary value of SR73.728 billion. King Fahd Industrial Port in Jubail saw the highest value among all means of transport and different ports, with a value of SR11.202 billion, representing 15.2 percent of the total. The growth in trade balance surpluses and the various countries and groups involved in Saudi Arabia’s exports demonstrate the country’s strong position in the global marketplace.
As Saudi Arabia continues to diversify its economy and reduce its dependence on oil, the increase in non-oil exports is a positive sign of progress. With non-oil domestic exports reaching SR51.400 billion, accounting for 17.5 percent of the total exports, Saudi Arabia is making strides towards a more balanced and sustainable economy. The growth in trade surpluses and the increase in non-oil exports are essential for the country’s long-term economic stability and growth.
The report’s findings indicate that China, South Korea, and Japan are significant importers of Saudi Arabia’s goods, with China being the largest importer, accounting for 16.2 percent of the Kingdom’s total goods exports. The Asian group of countries, excluding Arab and Islamic countries, also plays a crucial role in Saudi Arabia’s exports, further diversifying the country’s export market. By expanding its trade relationships with various countries and regions, Saudi Arabia can reduce its dependency on any single market, increasing its economic resilience and competitiveness.
The data released by GASTAT demonstrates the importance of international trade for Saudi Arabia’s economy, with the country’s trade balance surplus reaching its highest level in 2024. The significant growth in trade surpluses, the diversification of export markets, and the increase in non-oil exports are all positive indicators of Saudi Arabia’s economic progress. By continuing to focus on expanding its non-oil exports and strengthening its trade relationships with various countries, Saudi Arabia can further enhance its position in the global marketplace and ensure long-term economic stability and growth.
